Interim Budget 2024: On Wednesday, February 1, Indian Finance Minister Nirmala Sitharaman presented the interim budget for 2024 in Parliament; it was also her sixth budget as Finance Minister. The honourable Finance Minister started his budget address by highlighting the government’s achievements in the last ten years.

After this, she also mentioned how India will develop under the guarantee issued by Prime Minister Narendra Modi. Apart from this, she also discussed many important points like the government breaking barriers for Nari Shakti, the contribution of NEP 2020 to the development of the country, and how India is emerging as a world leader in the new world order after the Corona epidemic.

Flight to women empowerment

The government has continuously made every possible effort to promote women’s empowerment, and the government has also brought new schemes for women every year. Figures supporting women’s power in the Finance Minister’s statement,

• 30 crore Mudra loan to women
• Nearly 70 per cent of the houses allotted to the PM in rural areas are in the name of women.
• Within the last ten years, there has been an increase of about 28 per cent in the registration of women in the field of higher education, which is the highest in the world.

Revolution in education

Steps taken by the government to improve education in the last nine years are following. 

• Creation of 3000 new ITIs under the Skill India Mission, which has provided skills to 1.4 crore youth of the country and also upskilled 55 lakhs
• Creation of 7 IITs, 16 IIIT’s, 15 AIIMS, 7 IIMs and 390 new universities.

Interim Budget 2024: FM Nirmala Sitharamana Presents 6th Budget

Electricity to every village and street

Reaching electricity to every household in India was one of the main objectives of the government, for which the government is making every possible effort,

• 300 units of free electricity per month under solar energy to 1 crore families
• Due to this, the saving is approximately Rs 15000 to 18000

Poverty free India

Eradicating poverty in India has always been the agenda of every Indian government; steps of the government to make India poverty-free

• Freed 25 crore people from multidimensional poverty
• Direct Benefit Transfer of Rs 34 Lakh Crore deposited directly into beneficiary accounts
• Through this, the government also saved Rs 2.7 lakh crore

Prosperity of Farmers

To build a developed India, the development of the farmer is most important; Sakar has played a decisive role in enriching the farmer by implementing PM Kisan Samman Nidhi.

• Financial assistance to 11.8 crore farmers
• Annual aid of Rs 6000 to farmers in 3 instalments
• Crop insurance to 4 crore farmers

Building a healthy and strong India

• Formation of a committee to build modern medical colleges in India
• Unveil the Ayushman Bharat Scheme and make every ASHA worker in India its beneficiary.
• Cervical cancer vaccine for girls aged 9 to 14 years

Every Indian gets their dream home

Under the Pradhan Mantri Awas Yojana, houses were given to 3 crore families in rural areas; taking this scheme forward, the government is constructing two crore more houses. The government will also implement a new scheme for the middle class to buy and build homes.

Journey of becoming a world leader

The coronavirus pandemic changed the environment of the entire world and created a new world order, which also redefined the concept of globalisation. When the whole world was troubled by the global pandemic, the developed countries were only engaged in protecting themselves. India played the role of Vishwaguru by implementing Vasudev Kutumbakam’s policy and helping every country that needed help, whether it was free vaccines or food grains.

While presiding over the G20, India proved that the twenty-first century is India’s century by building new economic corridors and including the African Union in the G20. 

On Wednesday, the Reserve Bank of India (RBI) directed Paytm Payments Bank to cease taking new deposits into its wallets or accounts after February 29, 2024. The regulator informed Paytm Payments Bank, a subsidiary of one of the biggest payment companies in India, that it would not be permitted to accept new deposits, process credit transactions, or provide fund transfers, including the Unified Payments Interface (UPI) service, after February 29.

After February 29, 2024, no additional deposits, credit transactions, top-ups, or withdrawals are permitted in customer accounts, prepaid cards, wallets, FASTags, NCMC cards, etc. According to a press release from central bank chief general manager Yogesh Dayal, except for interest, cashback, or refunds may be credited at any time.

The statement further stated that customers may withdraw or use balances from any of their accounts, including savings bank accounts, current accounts, prepaid cards, FASTags, National Common Mobility Cards, etc., without any limitations, up to the available amount.

Earlier, Indian Highways Management Company (IHMCL), the arm of NHAI, had stopped Paytm Payments Bank from issuing fresh FASTags after it found that Paytm Payments Bank was not following the parameters prescribed in the service-level agreement. 

Customers can still use Paytm for digital payments as long as their account is linked to an external bank, as the RBI’s action primarily targets the banking functions of the app. This is an alarming development for the business and will undoubtedly impact its current clientele. We should wait for the official statement from the company, though. Paytm’s (One 97 Communication) short- to medium-term stock price is also anticipated to be impacted by this development. The decision will affect the profit of INR 300-500 cr annually. 

“RBI’s actions directly affect the wallet industry and merchant payment business profitability, which can have a 20–30% impact on EBITDA. Because of worries about the group’s reputation, we see a much more significant impact. If lending partners reduce or limit their exposure, the lending business, which accounts for less than 20% of revenues, may suffer greatly. According to Jefferies, these force us to reduce our FY25–26 EBITDA projections by 45%, which will further postpone profitability.

HHRD recognizes the harsh reality of the struggles of refugees living in camps during this winter season. Especially those living in tents with inadequate protection from the wind and snow. The harsh cold can cause illness, suffering, and even death, posing a significant risk to vulnerable populations such as infants and the elderly. Despite these challenges, there is an opportunity to make a significant difference by supporting the HHRD winter relief program.

HHRD Winter Relief Program

Helping Hand for Relief Development (HHRD) recognizes the urgency of the situation and started the Winter Relief Program to meet the critical needs of those experiencing hardship during the harsh winter months. You can help by sending a Winter Relief Package today, which includes essential clothing and blankets as well as other material items.

Donations to the Winter Relief Program play an essential role in ensuring that people in need receive the assistance they require to stay warm, healthy, and safe during the colder months. These packages become more than just supplies; they become hope, providing warmth and protection from the cold. Your contributions have a global impact, reaching thousands of people, particularly in areas like Gaza, where our Palestinian brothers and sisters have been enduring hardships with limited resources. The Winter Relief Program becomes a lifeline, assisting those who have faced unimaginable tragedy.

By sending provisions throughout the winter, you not only make it easier for people, but you also give them a chance at a better life. Giving what you can becomes a sign of support that lets people in need know they are not alone in their struggles. Let’s work together to make a difference this winter.

Help HHRD by sending a winter relief package. Together, we can bring warmth, health, and safety to people who need it the most. Kindness from you can be the light that shines through the dark and gives hope to those who need it the most.

On Wednesday, the Enforcement Directorate arrested the sitting Chief Minister of Jharkhand, Hemant Soren, in a money laundering case. Soren became the third CM of the state arrested after his father, Sibu Soren, and Madhu Konda. Soren resigned as Chief Minister before his arrest and became a part of a long list of former chief ministers to have faced such action. Champai Soren will take over as the next Chief Minister. Before this, Champai served as Cabinet Minister of Transport, Scheduled Tribes and Scheduled Caste & Backward class welfare in the cabinet of Hemant Soren.

For the first time in independent India’s history, a sitting CM has been arrested, despite many CMs having been arrested before. The incident highlighted whether there is any provision in the constitution of India to charge a sitting CM. 

Constitutional Provision

The constitution of India gives immunity power in civil and criminal matters only to the President of India and the Governor of States. Apart from these two, all the other constitutional positions are treated as equal before the law, as Article 14 of the Constitution mentions. However, if the President and Governor are found guilty, they can also be arrested after completion of the tenure. Article 361 of the constitution states that the President or Governor while holding the office, is not personally responsible for any court for the exercise and execution of their powers.

List of arrested CMs

Two extremely influential state leaders, J Jayalalithaa of Tamil Nadu and Lalu Prasad Yadav of Bihar are among the lengthy list of (former) Chief Ministers in the nation who have served time in prison. The others are Madhu Koda (Jharkhand), Om Prakash Chautala (Haryana), and Chandrababu Naidu (Andhra Pradesh).

Rashtriya Janata Dal patriarch Lalu Prasad Yadav and former chief minister Jagannath Mishra were found guilty in the 2013 fodder scam. A land-for-jobs case is being investigated against him and his son, Tejashwi Yadav.

Interim Budget 2024: NEP 2020 ushering transformational change says FM Sitharaman 

Finance Minister Nirmala Sitharaman presented the Interim Budget from 11 a.m. today, February 1. As a comprehensive budget can only be presented after the Lok Sabha elections 2024, when a new government is formed, this budget will only discuss the government’s plans for the remaining part of its term. 

This is Union Budget No. 6 for Nirmala Sitharaman. Following the elections, the newly elected government will present the complete budget. The short-term financial plan, known as the interim budget, requests approval from Parliament in order to obtain funding ahead of schedule for the government’s necessary spending for the first four months of the upcoming fiscal year. 

Yesterday marked the start of the Budget Session of Parliament, with President Droupadi Murmu presiding over a joint Rajya Sabha and Lok Sabha meeting. On February 9, the session will come to an end.

FM Nirmala Sitharaman, the Union Minister of Finance, starts her speech on the Union Interim Budget 2024. She claimed that during the previous ten years, there has been an increase in women enrolled in Science, Technology, Engineering, and Mathematics (STEM) courses and higher education institutions. Skill India has trained 1.8 crore youths, upskilled and re-skilled 54 lakh youths and established 3,000 new ITIs. 

 Key Pointers During the Interim Budeg 2024: 

• As per Budget 2023, under PM Schools for Rising India or PM Shri, 14500 schools are expected to be upgraded to showcase components of the new National Education Policy 2020.

• PM Shri Schools which were announced in 2022’s budget speech, but were not allocated any money, have been given Rs 4,000 crore this year. 

• ‘The National Education Policy 2020 is ushering transformational reforms in schools for rising India. It is delivering quality teaching and nurturing, holistic and well-rounded individuals scaling their mission to one point,’ Sitharaman said in the Parliament.

• The present government has set up 7 new IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 new universities have been set up, Nirmala Sitharaman stated.

• In 2023, the University Grants Commission was allocated Rs 5,350 crore versus the budget allocation of Rs 4,900 crore. 

• More medical colleges to be set up soon, the Finance Minister says. “Our government plans to set up more medical colleges by utilizing the existing hospital infrastructure,” Sitharaman said.

• The female enrollment in higher education has gone up by 28 per cent in 10 years of STEM courses. The Finance Minister stated that these measures are reflected in the increasing participation of women in the workforce.

FM Nirmala Sitharaman is now presenting the Union Budget 2024 in Parliament. This is an interim budget as it comes just before the Lok Sabha elections.

Interim Budget 2024: The day is here when India’s Union Finance Minister Nirmala Sitharamana will present the 6th Interim Budget. This is the 6th time when she has presented the budget in the governance of PM Modi. The interim budget will meet the budgetary needs of the intervening period until a government is constituted following the Lok Sabha elections. The new government will unveil its comprehensive budget.

The Budget Session of Parliament began on Wednesday, with President Droupadi Murmu addressing a combined session of the Lok Sabha and Rajya Sabha. Nirmala Sitharaman’s sixth consecutive budget may be viewed as a political document that emphasizes the Modi government’s successes over the last decade and hints at how it intends to move the country ahead.

Nirmala Sitharaman’s Important Points on Taxation

1. FY24 fiscal deficit seen at 5.8% of GDP
2. FY24 total expenditure revised to ₹ 44.90 lakh crore
3. FY 24 total receipts other than borrowings is ₹ 27.56 lakh crore
4. FY24 tax receipts are ₹ 23.24 lakh crore
5. FY25 fiscal deficit seen at 5.1%
6. Aim to reduce fiscal deficit to below 4.5% by FY26
7. FY25 gross market borrowing seen at ₹ 14.13 lakh crore

FM extends certain tax benefits to start-ups, pension funds
“Certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.03.2024. To provide continuity in taxation, I propose to extend the date to 31.03.2025,” said FM Nirmala Sitharaman.

Home-buyers list

• It may be a ‘vote-on-account’ budget, but homebuyers are hoping for
  1. Increase in the limit of eligible deduction for interest paid on home loan to at least Rs 3 lakh 
  2. Remove the cap of Rs 2 lakh on rented property 
  3. Ease TDS rules for buying house property

Live Updates On Interim Budget 2024:

1. 40,000 normal railway bogies will be converted to vande Bharat standards, announces Sitharaman
2. This will enhance safety and convenience, says the FM
3. 3 major Rail Corridors built says FM in Parliament
4. Rural-themed stocks in sight include Maruti Suzuki, Minda Corp, Hero MotoCorp, M&M, Escorts Kubota Ltd, Hindustan Unilever, ITC and Dabur India.
5. Interim Budget 2024: Nifty Auto at 19,419.60, up 192.45 pts or 1.00%
6. Interim Budget 2024: Avg real income has increased by 50 per cent, says FM Nirmala Sitharaman
7. Interim Budget 2024: FM Nirmala Sitharamana presents the benefits of the newly built Ram Mandir
8. AITF demands an income tax exemption limit of Rs. 10 lakh- In addition, petrol, diesel, and electricity should be subject to GST. Badish Jindal, National Convenor of the All Industries and Trade Federation, stated that the income tax exemption level should be increased further.

Saindhav: The Telugu film Saindhav, which stars Venkatesh Daggubati and features important roles from Shraddha Srinath, Ruhani Sharma, Nawazuddin Siddiqui, Arya, and Andrea Jeremiah, is about to be released on the OTT platform. On February 3, 2024, in Tamil and Telegu, the film, directed by Shailesh Kolanu and produced by Venkat Boyanpalli, will be available on Prime Video. 

About Saindhav

The focus of the narrative is Venkatesh’s persona and his kin. He lives a happy life with his spouse and daughter until they learn that the latter has muscular dystrophy. The only treatment for this deadly illness is an expensive vial, the cost of which is driven up by a pharmaceutical ring run by the persona of Nawazuddin Siddiqui. After that, the movie will follow Venktash as he sets out on a bloody quest to obtain the medication required to save his daughter. 

Venkatesh Daggubati’s Work

Regarding his career, Venkatesh Daggubati is preparing for the second season of the action-thriller television series “Rana Naidu.” Positive reviews were given to the first season in India and abroad. The highly acclaimed American television series Ray Donovan was adapted into “Rana Naidu,” which debuted on Netflix India on March 10, 2023, under the direction of Karan Anshuman. It was the first time Rana and his uncle Venkatesh had worked together.

Saindhav Story 

A fictitious South Indian town called Chandraprastha is on the verge of civil war because it is controlled by the criminal organization Cartel. A man with a troubled past, Saindhav Koneru, also known as Saiko (Venkatesh Daggubati), lives a modest life with his daughter Gayathri (Ssara Palekar). But when Gayathri is told he has Spinal Muscular Atrophy (SMA) and needs ₹17 crores worth of treatment, his life drastically changes. In an attempt to save his daughter, Saiko returns to the world of crime. He quickly faces off against his former adversaries, the most formidable of whom is the vicious gangster Vikas Malik (Nawazuddin Siddiqui). Will he be able to save Chandraprastha and his daughter?

Every year, India’s CEA (Chief Economic Advisor) releases an Economic Survey a day ahead of the Union Budget. The Union Budget of India is released by the finance minister of India every year on one February, which also lays the inauguration of the Budget session in the Indian Parliament. General elections are scheduled for this year, so the budget will be interim and not final. However, the union government will not present the Economic Survey in 2024.  

Instead, ‘Indian Economy–A Review’, a report covering India’s progress over the last ten years, has been released by the Center. The CEA V Anantha Nageswaran office prepared the report, providing a preview of the economy’s prospects in the upcoming years. The report shows that it is not the Economic Survey of India, which it states will be unveiled following the general elections along with the total budget.

On 1 February 2024, Nirmala Sitaraman, honourable finance minister of India, presented the budget for the sixth time and equalled the record of former Indian prime minister Morarji Desai for giving the budget the most number of times. After presenting the budget, she will surpass the records of Arun Jaitley, P Chidambaram, Yashwant Sinha, and Manmohan Singh. 

What is an Economic Survey?

Economic Survey is a yearly report drafted by the Economics Division of the Department of Economic Affairs under the Ministry of Finance that provides an overview of the Indian economy in the financial year that is coming to a close.

What is an interim budget?

The interim budget is presented when general elections are due in the country. The new government, which is likely to be formed around June, will come up with a final budget for 2024-25 after its formation.

What is the Halwa Ceremony during the budget? 

The ‘halwa’ ceremony is a traditional event that marks the beginning of the printing process of Budget documents.

Divya Deshmukh, an 18-year-old Indian chess player, spoke out against misogyny and sexism in the game following the Tata Steel Masters in Wijk Aan Zee, the Netherlands. The teenage International Master discussed female chess players’ treatment during the tournament in an Instagram post.

I have wanted to address this for a while but was waiting for my tournament to end. I got told and also noticed how women in chess are often just taken for granted by spectators

Player from Nagpur, who won the Asian women’s chess championship last year.

“The most recent personal example of this would be that I felt proud of a few games I played in this tournament, which I felt were pretty good. “

I got told by people how the audience was not even bothered with the game, but instead focused on everything in the world, including my clothes, hair, accent, and every other irrelevant thing,” she wrote on Sunday in an Instagram post.

My most recent example of this on a personal level would be in this tournament, I played a few games which I felt were quite good and I was proud of them. I got told by people how the audience was not even bothered with the game but instead focused on every possible thing in the world: my clothes, hair, accent and every other irrelevant thing

Divya Deshmukh on her Instagram post on Sunday.

Divya Deshmukh finished the Challengers division in 12th place, losing to Leon Luke Mendonca in the 13th and final round with a score of 4.5. Divya made the first error in the complex match when she made an incorrect capture in the middle game. Things could have gone differently from there.

The teenager claimed that although female chess players were evaluated for reasons unrelated to their skill on the board, male players received their fair share of attention solely for their skill. “I was quite upset to hear this and I think is the sad truth that people when women play chess they often overlook how good they are, the games they play and their strength,” she said.

“I was quite disappointed to see how everything was discussed in my interviews (by the audience) except my games, very few people paid attention to it and it is quite a sad thing. I felt it was unfair in a way because if I go to any guy’s interview there would be way less judgement on a personal level, actual compliments about the game and the player,”

Even though women’s sports have made strides in terms of compensation, female athletes continue to face discriminatory treatment and inquiries about their attire. Deshmukh said women said women players are under-appreciated in general and often endure hatred.

Every irrelevant thing is focused on and hated on, while guys would get away with the same things. Women face this daily, and I’m barely 18. Over the years, I have met so much judgement, including hatred, for things that don’t even matter. I think women should start getting equal respect,” she said.

According to the latest report released by Transparency International, India ranks 93rd on the world corruption index with an overall score of 39. Last year, India’s overall score was 40, which helped them secure an 85 rank. Denmark, with an overall score of 90, once again tops the list, followed by Finland, New Zealand, and Norway, with scores of 87,85 and 84, respectively. 

Singapore secured fifth position in the index and is the best-performing Asian country, scoring 83. According to the report, Pakistan (score of 29) and Sri Lanka (score of 34) struggled with their respective debt loads and the resulting political unrest.

Western Europe and the European Union remained the top-scoring regions; their regional average score dropped to 65 this year because checks and balances weakened and political integrity eroded in the area. 

The report is based on opinions on corruption in the public sector. The 2023 Corruption Perceptions Index incorporated information from 13 outside sources, such as the World Bank, World Economic Forum, think tanks, and private risk and consulting firms.

Worst Performance

With the lowest score of 11, Somalia secured 180 rank and is at the bottom of the table. Myanmar and Afghanistan face instability in their internal governance, which impacts their performance and pushes them to the lowest of 162. 

What is Transparency International?

It is a global movement working in over 100 countries to end the injustice of corruption. They focus on issues with the most significant impact on people’s lives and hold the powerful to account for the common good. Through advocacy, campaigning and research, they work to expose the systems and networks that enable corruption to thrive, demanding greater transparency and integrity in all areas of public life.

Most corrupt states in India

According to the latest report by National Crime Record Bureau 2023, Rajasthan and Maharashtra topped the list of most corrupt states in India and made a hat trick. Both the states are followed by Madhya Pradesh and Tamil Nadu. Jammu and Kashmir are at the top of the list among the Union and Territories of India.